Citigroup has put one of its card units, the UK based Egg, up
for sale according to a Financial Times report.
Citing people close to the situation, the newspaper said Citi
had been holding informal talks with buyers over Egg for some time
and it was now preparing to start an auction for the business, most
likely after the summer.
Citigroup split into two parts in January 2009 after reporting a
quarterly loss of $8.3 billion and receiving a large chunk of the
controversial US government bailout.
Citicorp handles the firm’s traditional banking work, while Citi
Holdings – which makes up less than a quarter of the group’s
balance sheet – includes toxic assets and non-core
According to Reuters, Egg has around 2 million customers.